PremjiInvest, the $1-billion fund promoted by Wipro Group chairman Azim Premji, has invested Rs 200 crore in Manipal Universal Learning, the education wing of Manipal Group. The investment will go towards Manipal Universal Learning’s expansion in India as well as at international locations.

“The money will be used in projects including building a new campus in Dubai, addition of a dental stream in its college in Malaysia, construction of the second phase of its Antigua campus and expansion in Nepal,” said Anand Sudarshan, CEO of Manipal Universal Learning. The company is also eyeing other nations for expanding its footprint.

In addition, a part of the funding will be used for technological enhancement of EduNxt, its technology-infused learning system. “Manipal is an international education conglomerate and we believe that we can become a leading English-based higher education provider in the coming years,” Sudarshan added.

According to Prakash Parthasarathy, CEO of PremjiInvest, they chose Manipal after looking at its executive team and its track record, the multinational dimension of the business and its scalability.

PremjiInvest along with existing Manipal Universal Learning’s PE investors – IDFC Private Equity and Capital International, will hold a minority stake in the firm, while Manipal Education and Medical Group will continue to be the majority shareholders. Capital International and IDFC had invested $40 million and $30 million respectively around three years back.